Tigo Energy (TYGO) Cuts Q3 Guidance

Tigo Energy, Inc. ("Tigo"), a leading provider of intelligent solar and energy storage solutions, today announced selected unaudited preliminary financial results for its fiscal third quarter ended September 30, 2023. All information in this press release is approximate due to the preliminary nature of the announcement and is subject to normal quarter-end accounting review.

“During the third quarter of fiscal 2023, a significant number of customers requested that Tigo delay purchase order deliveries to the fourth quarter of 2023 or early 2024,” said Zvi Alon, Chairman and CEO of Tigo. “We believe the inventory supply in the channel that we previously discussed remains elevated and that these order pushouts reflect the ongoing inventory digestion that our customers are experiencing, along with a general market slowdown affecting our customers in the quarter. Tigo also experienced a smaller number of unanticipated purchase order cancellations and returns, which negatively impacted the quarter’s revenue to a lesser extent. As a result, our third quarter revenue will be below the low end of our prior guidance range.”

For the fiscal third quarter of 2023, revenue is now expected to be in the range of $17 to $18 million, compared to Tigo’s previous expectation of $41 to $45 million. Backlog, which reflects contracted orders expected to be filled within the next twelve months, is expected to be within the range of $66 to $68 million as of the end of the third quarter of 2023. Tigo expects to report an adjusted EBITDA loss for the fiscal third quarter of 2023 but is unable to estimate such an amount until it completes its quarter-end financial close process.

These preliminary results for the fiscal third quarter of 2023 are preliminary based on information available to management as of the date of this release, and are subject to further change upon completion of standard quarter-end closing procedures. These results do not present all necessary information for an understanding of Tigo’s financial condition as of the date of this release, or its results of operations for the third quarter of 2023. As Tigo completes its quarter-end financial close process and finalizes its financial statements for the quarter, it will be required to make judgments in a number of areas. It is possible that Tigo may identify items that require it to adjust the preliminary financial information set forth above, and those adjustments could be material. Tigo does not intend to update any financial information prior to the release of its final third quarter financial statement information.

Conference Call

Tigo will hold a conference call on Tuesday, November 7, 2023 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the third quarter ended September 30, 2023. Financial results will be issued in a press release prior to the call.

Tigo management will host the presentation, followed by a question-and-answer period.

Date: Tuesday, November 7, 2023
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Registration Link: Click here to register

Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Group at (949) 574-3860.

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Tigo’s website.

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